Opendoor Moves Beyond Home-Flipping in Move to Back Cash Buyers
- Offers give house-hunters an edge at a time of scarce supply
- Companies that straddle housing and technology attract capital
Photographer: Sam Hall/Bloomberg
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Opendoor Technologies Inc., pioneer of an algorithm-driven method of flipping homes, is embracing a new way to wield its software: helping buyers make cash offers.
With inventory scarce across U.S. housing markets, the company is working with prospective buyers to make no-contingency offers that often win out over similarly priced bids. In the new system, Opendoor promises the seller that it will buy their home with cash if its client – a would be buyer – fails to qualify for a mortgage.